Thinking of buying a home? Rates are at a 16 month low!
Interest rates are continuing to be a conversation after we saw a small rise in rates to around 4.55% in December 2013 and now we are seeing a rate around 4.125% some local lenders reporting rates as low as 3.625.
Housing Wire published a report October 14, 2014 stating that the rates are at an 16 month low what does this mean for you the buyer?
Example of savings:
http://www.hsh.com/mortgage_rate_trends/ data was used to illustrate the change in the interest rates from December 2013 to current day.
*Calculations done at http://www.bankrate.com/calculators/mortgages
Housing Wire published a report October 14, 2014 stating that the rates are at an 16 month low what does this mean for you the buyer?
Example of savings:
- $100,000 loan at 4.55% (principal and interest only) would be $509.66
- $100,000 loan at 4.124% (principal and interest only) would be $484.65
- $100,000 loan at 3.625% (principal and interest only) would be $456.05
Quite the savings anyway you look at it. The best way to find out the most correct information is to contact your lender. When using most mortgage calculators like the one I used above from www.bankrate.com they don't add in the cost of taxes and insurance in their estimates..
Below I went to a Lawrence, Ks lender with the same scenario
Factoring in a 5% down payment and adding taxes and insurance
@4.125 $672
@3.625 $645
 | Crystal Swearingen President Elect 2014, Lawrence Board of Realtors
Mobile: 785-550-3424
Crystalswearingen@yahoo.com | www.LawrenceHomesForYou.com   |
http://www.hsh.com/mortgage_rate_trends/ data was used to illustrate the change in the interest rates from December 2013 to current day.
*Calculations done at http://www.bankrate.com/calculators/mortgages
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